Alex Raises $5.8M to Bring DeFi to the Bitcoin Ecosystem

Alex Raises $5.8M to Bring DeFi to the Bitcoin Ecosystem

Alex, a decentralized finance (DeFi) protocol constructed on the Bitcoin-linked Stacks blockchain, has raised $5.8 million in financing led by White Star Capital. The funds will assist drive the protocol launch in December and broaden the developer and consumer expertise groups.

Alex goals to be a one-stop DeFi platform that permits for fixed-rate and fixed-term bitcoin lending and borrowing. The protocol additionally helps token launches and decentralized exchanges, each automated market makers (AMMs) and off-chain order books.

Alex was co-founded by Chiente Hsu and Rachel Yu, who each have backgrounds in creating quantitative methods for Wall Street banks comparable to Credit Suisse, Goldman Sachs and Morgan Stanley. Hsu serves as Alex’s CEO.

“The conventional monetary system is orchestrated in a manner that hinders individuals who don’t have entry to on a regular basis monetary instruments,” Hsu mentioned in a press launch. “We consider that crypto can streamline many monetary processes and this funding will enable us to create new alternatives for ladies and different marginalized teams.”

Read extra: Stacks Foundation, Brink to Fund Bitcoin Development Fellowship Using ‘Stacking’ Rewards

In an interview with CoinDesk, Hsu supplied two private examples of the limitations of conventional monetary establishments. The first concerned sending cash to her mother-in-law in Senegal, a verify that was to be distributed to quite a few relations. Western Union charges took a bit of the cash, which may have as a substitute gone to the households.

The second concerned Hsu’s 14-year-old daughter, who needed a debit card and had to bear a 45-minute interview with a serious financial institution regardless of her mother and father having ample collateral. Her daughter then requested Hsu to arrange a crypto pockets on her behalf.

“We need to construct this monetary service protocol for the unbanked and banked that’s actually permissionless and trustless. There is not any barrier to entry to utilizing this service,” Hsu informed CoinDesk.

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